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Top Crypto Exchanges in Indonesia (2023 Analysis)

4.2
| by
Lim Yu Qian
-

What are the Biggest Crypto Exchanges in Indonesia?

Tokocrypto is the biggest crypto exchange in Indonesia, with a 43.0% market share across the country’s top 3 centralized crypto exchanges (CEXs) in 2023. Indodax is close behind as the second largest Indonesia crypto exchange with a 42.0% market share, followed by Upbit Indonesia with a smaller 15.0% share.

Upbit Indonesia had previously been the biggest crypto exchange in the country in 2022, with a market share of 61.6% at its peak in July. However, both Tokocrypto and Indodax outperformed Upbit Indonesia for four months last year, in April and again in the last quarter of 2022. Meanwhile, Indodax mostly maintained its position as the second largest crypto exchange throughout this period.

Although Upbit Indonesia briefly recaptured the highest monthly market share of 41.1% in March this year, it was unable to sustain its performance and subsequently returned to being the smallest among the top CEXs.

These changes in Indonesia CEX rankings highlight how market share among them has fluctuated over the months, with no dominant player established yet.

Crypto exchanges in Indonesia are currently regulated by the Commodity Futures Trading Regulatory Agency (Bappebti), with around 383 crypto assets allowed for trading. However, with the Financial Services Authority (FSA or OJK locally) taking over regulation of crypto, Indonesia’s regulators are shifting towards the view of crypto assets as securities. Even so, Indonesia has reportedly been working to launch its own national crypto exchange.

How Much is the Crypto Trading Volume in Indonesia?

The total volume of crypto traded in Indonesia is $3.61 billion in 2023 so far, across the top 3 crypto exchanges from January to May. This is 76.6% lower than the $15.41 billion crypto trading volume recorded during the same months in 2022. The significant decrease highlights a downtrend in trading volume on the top Indonesia crypto exchanges since last year, amid the bear market conditions and regulatory uncertainty in the country.

Similarly, the average monthly total crypto trading volume has shrunk by more than half, from $2.00 billion in 2022 to just $0.72 billion in 2023. Monthly crypto trading volume this year reached a year-to-date (YTD) low of $0.41 billion in May, breaking below 2022’s low of $0.56 billion in December. The drop in total trading volume came after two consecutive monthly declines, in line with activity on the top Japan crypto exchanges.

Total trading volumes on the top Indonesia crypto exchanges began declining in early 2022, and fell on a quarterly basis for the rest of the year. After recording $10.81 billion in trading volume for Q1 2022, Q2 2022 experienced a quarterly decline of 42.7%, followed by decreases of 25.3% in Q3 and an even larger 49.5% in Q4. Although total quarterly crypto trading volume rose by 8.0% to $2.52 billion in Q1 2023, trading volume in Q2 looks set to fall below that level.

Tokocrypto Market Share & Trading Volume

Tokocrypto’s market share has grown from 23.4% at the start of 2022, to 43.0% in 2023, among the top crypto exchanges in Indonesia. Tokocrypto is the biggest crypto exchange in the country this year, after overtaking Upbit Indonesia and Indodax. This comes on the back of resilient trading volumes, supported by leading global CEX Binance’s acquisition of Tokocrypto in December 2022. 

Indonesia crypto traders generated $6.57 billion in trading volume on Tokocrypto in 2022. Tokocrypto held the lowest market share for most of the months last year, but recorded four straight months of market share growth from August to November. The monthly market share of Tokocrypto reached a 2022 high of 41.4% in November, driven by a 50.0% month-on-month (MoM) increase in trading volume to $0.40 billion, up from $0.26 billion in June.

Prior to that, Tokocrypto briefly became the top CEX for the first time in 2022, when it captured a 36.9% share in April due to a smaller decrease in trading volume than its competitors.

Tokocrypto’s market share in 2023 has maintained in a range of 30.0% to 43.0% so far, compared to the 16.7% to 41.4% range last year. However, average monthly crypto trading volume on Tokocrypto has fallen to $0.26 billion YTD, less than half of the $0.55 billion monthly average in 2022. In other words, Tokocrypto is set to record a lower annual trading volume this year, despite having a higher market share.

Tokocrypto was founded in 2018 to serve the Indonesian crypto market as a CEX.

Indodax Market Share & Trading Volume

Indodax has also gained market share among the top Indonesia crypto exchanges, from a 32.1% market share at the start of 2022, to a 42.0% share in 2023. Indodax is the second biggest crypto exchange and has recorded the most consistent market share performance, ranging between 21.7% and 42.0% over these two years. 

Indodax is one of the longest-running top crypto exchanges around, having been founded in 2014. Despite being a pioneer in the Indonesia crypto market, Indodax has been unable to establish itself as the market leader. Indodax only managed to capture the highest market share for two months during this period, in October and December 2022, due to its relatively stable trading volume.

Indonesia investors traded $7.60 billion worth of crypto on Indodax in 2022. Indodax recorded an average monthly crypto trading volume of $0.63 billion in 2022, which has since decreased to $0.24 billion in 2023 so far.

Upbit Indonesia Market Share & Trading Volume

Upbit Indonesia’s market share across the top CEXs in the country has fallen from 44.5% at the start of 2022, to 15.0% in 2023. As a result, Upbit Indonesia has been overtaken by Tokocrypto and Indodax. Upbit Indonesia has experienced the most inconsistency in its market share, which has fluctuated in a wide range from 15.0% to 61.6% since last year.

Investors traded $9.80 billion worth of crypto on Upbit Indonesia alone in 2022. However, average monthly crypto trading volume on Upbit Indonesia has dropped significantly from $0.82 billion in 2022, to $0.22 billion in 2023 so far. Trading volume on Upbit Indonesia fell rapidly in five consecutive months last year, from $0.75 billion in August to an all-year low of $0.12 billion in December.

Upbit Indonesia’s monthly trading volumes saw some recovery in early 2023, to regain its market leadership briefly with a 41.1% share in March. But Upbit Indonesia has been unable to sustain its performance thus far, and its market share has trailed further behind Tokocrypto and Indodax

Upbit launched in Indonesia in 2019, on the back of its success as a South Korea crypto exchange first established in 2017. Upbit’s international operations hold a market share of around 7.1% and is the second largest crypto exchange worldwide.

Market Share of Top 3 Indonesia Crypto Exchanges

The top 3 crypto exchanges in Indonesia, ranked by market share as of June 2023, are as follows:

Rank Indonesia Crypto Exchange Market Share (%)
1 Tokocrypto 43.0%
2 Indodax 42.0%
3 Upbit Indonesia 15.0%

 

Indonesia Crypto Trading Volume

The total monthly cryptocurrency trading volume across Indonesia’s top 3 crypto exchanges, from January 2022 to May 2023:

Month Indonesia Crypto Trading Volume (US$)
Jan 2022 $3.84 billion
Feb 2022 $3.27 billion
Mar 2022 $3.70 billion
Apr 2022 $2.65 billion
May 2022 $1.95 billion
Jun 2022 $1.59 billion
Jul 2022 $2.02 billion
Aug 2022 $1.44 billion
Sep 2022 $1.17 billion
Oct 2022 $0.82 billion
Nov 2022 $0.96 billion
Dec 2022 $0.56 billion
Jan 2023 $0.72 billion
Feb 2023 $0.84 billion
Mar 2023 $0.96 billion
Apr 2023 $0.67 billion
May 2023 $0.42 billion

Methodology

The study examined the top 3 Indonesia centralized crypto exchanges (CEXs) by trading volume, based on CoinGecko's normalized data from January 1, 2022 to June 21, 2023. The study selected crypto exchanges that serve the Indonesia market specifically and are registered with the Commodity Futures Trading Regulatory Agency (Bappebti), with available data being tracked on CoinGecko for the full time period.


If you use these insights, we would appreciate a link credit to this article on CoinGecko. A link credit allows us to keep supplying you with future data-led content that you may find useful.

Curious to find out more about our previous research studies? Check out this one we did on the market share of the top Thailand crypto exchanges.

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Lim Yu Qian
Lim Yu Qian
Yuqian is a crypto research analyst at CoinGecko, covering a range of topics from NFTs to ETFs, crypto adoption and interest, and beyond. She's especially fascinated by the philosophical and socioeconomic aspects of crypto. She holds a Bachelor of Social Sciences with Honors from the National University of Singapore. Follow the author on Twitter @solosbrqt

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